Cryptocurrencies Edging Slowly Lower

The week began
with the market edging downward. Nine of the top 10 coins by market
capitalization were lower with the exception rather ironically being
Tether (USDT). Bitcoin (BTC) started the week at $5,150 and Ethereum (ETH) at $151.80. USDT had rallied up to $0.9770.

Holidays dominate the horizon this week with
Japan out all week, China off for the last 3 days and many countries
off on May 1st. So trading volumes might be lower and with that
liquidity might also be at a premium. For Monday, action was limited
with one brief spike lower taking BTC to $5,060 and ETH to $148.10. But
with no follow through the market came right back to where it started
the day.

The exception again was USDT which continues
to claw its way back towards parity, ending the day at $0.9840. Not too
much on the news front but there was a headline suggesting Russia will
soon start testing cryptocurrencies for payment methods in four
different regions. Definitely, something to keep an eye on.

Technical Analysis

A relatively quiet start to the week with the bigger picture stories essentially unchanged. We take a look at XRP.
Much maligned in terms of relative price performance we looked at a
longer-term chart, in this case, a daily chart stretching back to
mid-2017.

This chart bears a striking resemblance to that of BTC before it broke $5,800 at the end of last year. A swift move down form the highs, a series of lower highs and ranges getting compressed while leaning up against some short term support at $0.2780 and longer term at $0.2424 (the equivalent of BTC at $5,800).

Given XRP has failed to rally with much of
the broader market over the past couple of weeks, we wonder If we do get
a test of that major support line and see what lurks below.

30 April 2019, David Hannigan. trade.io
30 April 2019, David Hannigan. trade.io

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Disclaimer

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.